Dogecoin (DOGE) May Surprise Crypto Market as It Breaks Resistance Levels Like It's Nothing

Dogecoin's most recent performance on the cryptocurrency market left the majority of investors and traders surprised as the "old classic" memecoin easily broke the first resistance on its way to a trend reversal.

The daily timeframe of the cryptocurrency suggests that DOGE is getting close to the major resistance line of the 50-day Exponential Moving Average, which is often considered a barrier between descending and ascending trends.

In the event of a breakthrough, Dogecoin will be set for a strong recovery rally despite already gaining over 40% to its value in the last seven days, which makes it one of the most profitable assets on the cryptocurrency market.

During the run, DOGE easily broke through the 21-day Moving Average, which is used as a signal line during strong down or uptrends. The line's breakthrough puts assets in the "reversal candidate" basket.

Memecurrencies on the rise

Dogecoin's "competitor" Shiba Inu has also shown quite a strong performance on the cryptocurrency market by showing a 50% gain in the last five days, which also makes it one of the strongest assets in the top 100 cryptocurrencies by market capitalization.

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SHIB also broke through the 21-day Exponential Moving Average resistance line and is now consolidating at the 50-day EMA, which Dogecoin is only yet to reach in the upcoming days.

The shorter-term timeframes are also showing that there is quite a way to go for both meme-assets as Dogecoin just faced one of the strongest resistance on the chart, 200 EMA resistance, and Shiba Inu is reaching the consolidation channel's top formed in the May-June period.

At press time, Shiba Inu is trading at $0.000001180, and DOGE is changing hands at $0.07.